More Good news on the future of Jeep - JKowners.com : Jeep Wrangler JK Forum
 
LinkBack Thread Tools Display Modes
post #1 of 6 Old 04-28-2009, 11:44 AM Thread Starter
Trail Concepts Hmfic
 
jdemonto's Avatar
 
Join Date: Oct 2007
Location: Phoenix,Az
Age: 43
Posts: 6,148
Garage
Feedback: 0 reviews
More Good news on the future of Jeep

The good is Chapter 11 is avoided, the bad the Govment will own 10% of chrysler...

Source:Allpar.com

http://www.allpar.com/news/index.php...ites-off-700m/

Quote:
Daimler AG gives up Chrysler stake, writes off $700MApril 27th, 2009 by Bill Cawthon
German automaker Daimler AG has agreed to give Cerberus Capital Management its 19.9 percent share of Chrysler LLC and write off a $1.5 billion loan, helping the Detroit automaker to clear way for the Detroit automaker’s proposed alliance with Fiat SpA and avoid bankruptcy.

Daimler today signed a term sheet with Cerberus Capital Management and the U.S. Pernsion Benefit Guaranty Corp. The agreement ends the DaimlerChrysler era, which left Chrysler in a shambles, followed by Cerberus’s acquisition, which burdened Chrysler with billions of dollars in debt.

Under the deal, Cerberus and Chrysler will waive all claims against Daimler and Chrysler will make three annual payments of $200 million each into the company’s pension plans, beginning on Thursday, April 30 and on the same date in 2010 and 2011. Daimler, which had already written the value of its stake down to zero, will take an expense of $700 million against pre-tax earnings in the second quarter.

In a statement, Daimler said:

“Daimler’s remaining 19.9 percent shareholding in Chrysler will be redeemed, and Daimler will forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statement.”

The Daimler statement also said, “Following the transfer of the term sheet into the final definitive agreements, the relationship between Daimler and Chrysler will solely consist of dealer-supplier-customer relations including limited support for certain dealer financing until the end of September 2009.”



http://www.allpar.com/news/index.php...eal-concluded/


Quote:
Post: Chrysler creditor deal concludedApril 28th, 2009 by DaveAdmin
According to the Washington Post, Chrysler’s creditor group has reached an accord with the Treasury Department which will, coupled with this week’s union deals, prevent bankruptcy. A group of 45 financial firms have agreed to drop their debt demand from $6.9 to $2 billion and around 10% of the company’s equity, shared with the U.S. government. The UAW’s VEBA fund would take a 55% share, in exchange for handling retiree benefits (replacing up to $10 billion in cash), and Fiat would gain 35% of Chrysler. Daimler’s 19.9% stake was given back yesterday; Daimler also agreed to pay $600 million to the pension plan over three years, and to forgive $1.5 billion in loans, presumably in exchange for Cerberus dropping a lawsuit charging Daimler with misleading the private equity firm.

Jeep Sales/Jeep JK Conversions/Parts
602-314-5356 or
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
/
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
/
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Rock Krawler American Expedition Vehicles Poly Performance Spod RCV Performance Dynatrac Poison Spyder Magnuson Superchargers Rock Monster Wheels Surprise Straps
jdemonto is offline  
Sponsored Links
Advertisement
 
post #2 of 6 Old 04-28-2009, 11:52 AM
JKO Addict!
 
lohchief's Avatar
 
Join Date: Feb 2009
Location: SW,Oregon
Age: 68
Posts: 2,596
Garage
Feedback: 0 reviews

I am so glad this drama is coming to an end

Somethin's happenin' here,what it is ain't exactly clear,there's a man with a gun over there,a tellin' me,I have to beware.....
lohchief is offline  
post #3 of 6 Old 04-28-2009, 06:36 PM
Rock God
 
jtphoto JK's Avatar
 
Join Date: Sep 2008
Location: Thunder Bay, Ontario
Age: 59
Posts: 1,105
Feedback: 0 reviews

Thats better then GM faired. The Gov't holds controlling shares with them... As per the news tonight.

Jeff _(OllllllO)_



08 Black and Khaki JK Sahara Unlimited, Dual Tops, MyGig, Tow pkg, Trax-Lok Rear Diff,
Mods -- 3.5" Rock Krawler front springs, 2.5 TerraFlex BB rear, Mopar D44HD/J8, OX Locker, RCVs, 37x12.50x17 Pitbull Rockers on ProComp 7069, AEV Premium front bumper, Smittybilt X2O 12K Comp winch.
jtphoto JK is offline  
Sponsored Links
Advertisement
 
post #4 of 6 Old 04-28-2009, 07:04 PM
Rock God
 
bfj aka tambil's Avatar
 
Join Date: Sep 2008
Location: Kissimmee, FL
Age: 50
Posts: 1,185
Feedback: 1 reviews
Send a message via MSN to bfj aka tambil

Ford still holding its own....LOL
What a bunch of whiners... and us taxpayers have to bail them out even after BILLIONS in loan forgiveness... Guess it helps that the one of the Cerberus Capital Management members is our former VP.

Proud to be an American
Shamed of our government

Native Floridian = MUD
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
bfj aka tambil is offline  
post #5 of 6 Old 04-28-2009, 09:10 PM
Rock God
 
yoda13's Avatar
 
Join Date: Sep 2008
Location: Texas
Posts: 1,087
Feedback: 0 reviews

I am glad that this appears to be settled now, I am tired of worrying about who was going to have Jeep...

2007 Jeep Wrangler X, Auto, Hardtop, White, Superchips Flashpaq, 2" OME HD springs, Rusty's Adj. F/R trac-bars, Bilstein Steering Stabilizer, JKS Quicker Disconnects, JKS Rear Swaybar Extensions, PolyPerformance UCAs f/r, Rusty's LCAs f/r, 33x12.5 BFG KM2s, ProComp 15x8 Rockcrawlers, Smitty winch, Body Armor Front Bumper, FLW SS rear bumper, OEM Rubicon Rock Rails, Skid Row Engine and Tranny Skid, Member UFWD & BRC, †John 3:16†
yoda13 is offline  
post #6 of 6 Old 04-29-2009, 02:17 AM
Wheeler
 
Join Date: Mar 2009
Location: The great State of Arizona
Posts: 38
Feedback: 0 reviews

I wish anybody owned Jeep but Chrysler then we would probably get a quality vehicle.
Rhino64 is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the JKowners.com : Jeep Wrangler JK Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome